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The Fokker Chronicles

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World Markets:
Europe was taking its lead from the US markets dismal performance from yesterday. The CAC40 and London FTSE were both off approximately 1.20% midday in Europe. Asian markets took a beating however, as the Japanese Nikkei finished down over 5%. The Hang Seng didn't fare much better as that index fell 4.10%. US markets were noticeably weaker continuing its decline from yesterday, not helped from some poor guidance on the earnings front. The unemployment claims didn't offer much support early on. Check out Brian Reynolds for more on the results from earlier.

Heads-up:
Lookout for after close news from Microsoft(MSFT:NASD) when they report their results. JDS Uniphase(JDSU:NASD), Gateway(GTW:NYSE), and Nortel Networks(NT:NYSE) will also report. No economic results until next week.

Brokerage Chatter:
Veritas Software
(VRTS:NASD) was upgraded at Solomon Brothers. Legg Mason downgraded AT&T Wireless(AWE:NYSE) to hold from buy. Merrill Lynch downgraded Alcan Aluminium(AL:NYSE) to neutral from buy. DuPont(DD:NYSE) was upgraded at Merrill Lynch to buy from neutral. Eli Lilly(LLY:NYSE) was upped at AG Edwards to buy from hold.

UBS upgraded Bellsouth(BLS:NYSE) to buy from neutral and raised its price target to $30 from $26. Bear Stearns also raised its rating for BLS this morning. CSFB upgraded Centex(CTX:NYSE) to outperform from neutral and raised its target to $105 from $80. SG Cowen upgraded Foundry Ntwks(FDRY:NASD) to outperform from market perform. Smith Barney upped Harrah's(HET:NYSE) to buy from hold and raised its target to $50 from $40.

Baker Hughes(BHI:NYSE) was upgraded at JP Morgan to overweight from neutral. Goldman Sachs upgraded Lucent Tech(LU:NYSE) to in-line from underperform and downgraded TellLabs(TLAB:NASD) to underperform from in-line. Wells Fargo downgraded Flextronics(FLEX:NASD) to hold from buy.


Financial Headlines:
Stories :
Washington Posts' John Berry played down recent public fears and wrote that a quick fed rate hike is unlikely.

The Japanese all-industries activity index, widely regarded in Japan as a close proxy for its GDP, reportedly rose 0.3% which was lighter than the 0.5% economists had forecast.

Take-Two(TTWO:NASD) disclosed in their 8-K filing that a family has brought suit against the game maker alleging a copycat violence from Grand Theft Auto III. The family is seeking compensatory damages for $46 million and punitive damages totaling $200 million.


Earnings:
American Intl(AIG:NYSE) reported in-line results.
Eli Lilly(LLY:NYSE) reported 3rd quarter EPS in line with preannounced range and street estimates.
Corning(GLW:NYSE) reported numbers in line with revenues slighly better than consensus.
Foundry Ntwks (FDRY:NASD)reported .15 on $101.7 million versus the street EPS of .12 on $98.15 million.
KLA Tencor(KLAC:NASD) reported .18 on $318MM versus the street estimates of .17 on $316.6MM. However, KLAC guided estimates for its 2nd quarter below consensus.
Computer Associates (CA:NYSE)reported inline results. However their guidance was on the lower end of forecasts for 2004.
Sony(SNE:NYSE) 2nd quarter net income fell 25%.
Sprint (FON:NYSE) beat by $0.04 and their 2003 EPS above consensus.
Jetblue Airways(JBLU:NASD) beat by a penny.
Countrywide(CFC:NYSE) mystifying analysts apparently and beat the street by $1.45 on EPS and reported $3.05 billion in revenues versus $2.31 billion consensus expectations. Company also raised its dividend, gave upside guidance for 2003 and 2004 and announced a 4-for-3 stock split.
Sunoco(SUN:NYSE) beat estimates by $0.20
Xerox Corp(XRX:NYSE) reported in line results.
Dow Chemical(DOW:NYSE) beat by $0.11
PeopleSoft(PSFT:NASD) beat by $0.06 and raised its guidance for the 4th quarter.
Weatherford Intl(WFT:NYSE) guided lower for its 3rd quarter. Now sees $0.35 and $660 milion versus $0.38 and $672 million.
Baker Hughes(BHU:NYSE) beat by $0.03 and guided its 4th quarter below consensus.
Viacom(VIA.B:NYSE) beat by $0.02
Pulte Homes(PHM:NYSE) beat estimates by 21 cents and guided the 2003 and 2004 numbers above consensus estimates.
STMicroelectronics(STM:NYSE) beat by a penny.
Adolph Coors(RKY:NYSE) beat by $0.21
Capital One(COF:NYSE) beat by $0.11 and missed on revenues.
LSI Logic(LSI:NYSE) beat by $0.02
Bristol-Myers(BMY:NYSE) beat by $0.06, however the company said they don't see maintaining their current performance for the 4th quarter and 2004.


Around the world in 80 ticks:

The BBC reports that the United Nations has received documents from Iran clarifying its past nuclear activities; however the US remained skeptical believing the Iranians are hiding their true nuclear ambitions.

According the Associated Press, the FFA announced that starting in 2005, commercial airliners will begin flying with at least 1,000 feet between them and planes above or below them when they're between 29,000 and 41,000 feet. This represents half the distance they are currently allowed. Citing the FAA administrator, the reason for the change will apparently allow for greater aviation safety, airspace capacity and cost efficiency.


AP news reported that Fred Berry, famous for playing red-beret-wearing Rerun on the 1970s TV sitcom "What's Happening!", died Tuesday at the age of 52. Friends say he had been ill following a recent stroke.

Keep this in mind when shopping for your costumes, ABC news citing some Halloween wholesale distributors have been rattled this year due to California's recall election. According to one wholesale distributor at Halloween Express, an Arnold mask is nearly impossible to come by. This year, Halloween experts said to expect pirates, princesses, gangsters and elves at your front door for treats resulting somewhat from the popularity of Pirates of the Caribbean, The Lord of the Rings and Chicago.



Have a profitable day.

Fokker

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